MTN Group has announced that its chief executive officer, Rob Shuter, will step down next year, following the conclusion of his four year term.
Shuter will leave MTN Group in March 2021, with the company’s board of directors set to begin the search for his successor over the course of the year.
MTN Group made the announcement alongside reporting strong figures for FY2019. The company added 18 million new subscribers in 2019 to reach a total of 251 million customers across Africa. Shuter believes that his successor will find the company to be in a strong position when he hands over the reins in 2021.
“We are well positioned for growth. Guided by our well-defined BRIGHT strategy, we are building our growth strategy on our digital operator model while optimising efficiencies, capex and cashflow,” he said.
“Following data price reductions in South Africa and Nigeria in 2019, we expect price elasticity to improve data revenue growth in 2020, supported by expanded 4G coverage in Nigeria and across the group. We will continue to scale up our fintech and digital services as well as grow our enterprise and wholesale businesses.
“We have maintained our service revenue, EBITDA margin, capex intensity and ROE targets and increased our asset disposal target by a further R25 billion over the medium term. We also now target a holding company leverage ratio at below 2x. We will use 2020 to implement our succession process and ensure a seamless handover to the new group president and CEO whilst maintaining our operational execution,” he added.
Shuter was formerly the head of Vodafone Europe and has overseen the overhaul of MTN Group’s corporate governance standards during his tenure. Shuter has yet to confirm what he plans to do following his departure from MTN Group.